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Car services management app Park+ on Tuesday said it has raised Rs 140 crore in a funding round led by <keyword id="5998794" type="General" weightage="80" keywordseo="epiq-capital" source="Orion">Epiq Capital</keyword>, Matrix Partners <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> and Sequoia Capital India. The company plans to utilise the fund to expand its presence to over 100 cities, hire more than 200 employees and expand its services verticals, Park+ said in a statement. "The fund (Rs 140 crore) that we have raised will help us in strengthening our team and expanding our presence to over 100 cities. The part of the fund will be used for launching more used cases," Park+ Founder and CEO <keyword id="351083" type="General" weightage="80" keywordseo="amit-lakhotia" source="Orion">Amit Lakhotia</keyword> told PTI while sharing details of the funding. Park+ has over 700 employees across India. <keyword id="386081" type="General" weightage="80" keywordseo="lakhotia" source="Orion">Lakhotia</keyword> said that the company has an access control business in 20 cities, a parking business in 10 cities, and a dealership business in 30 cities and the company will scale up across different verticals and touch 100 cities in the next 6-8 months. The company helps users find a parking spot, track challans, recharge FASTag, renew insurance, car cleaning, car maintenance etc. Lakhotia said that the company has been making money since the beginning of the business and expects operational profit in the next financial year. "Park+ has identified and unlocked business opportunities within the auto-tech segment, which no one else was ready or willing to solve. Today they host the largest community of car owners in India (60 lakh), a testament to the brand's traction and acceptability among its users. "We are excited to be deepening our partnership with Park+ and look forward to the journey ahead," Epiq Capital, Managing Partner, <keyword id="320939" type="General" weightage="80" keywordseo="rishi-navani" source="Orion">Rishi Navani</keyword> said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/bmw-recalls-over-14k-electric-cars-over-software-malfunction-that-may-increase-crash-risk/articleshow/96873654.cms">BMW recalls over 14K electric cars over software malfunction that may increase crash risk</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-launches-its-first-5g-data-pack-price-benefits-how-to-use/slidelist/96874180.cms">Reliance Jio launches its first 5G data pack – price, benefits, how to use</a>

Park+ raises ₹140 crore for biz expansion to over 100 cities, hire 200 people

<keyword id="19939134" type="General" weightage="100" keywordseo="Zepto" source="keywords" meta.keywordsubtype="org" meta.entityname="Zepto" meta.hostid="261" meta.entityid="Zepto">Zepto</keyword>, a popular quick-commerce platform which rivals Blinkit and Swiggy Instamart, has secured <keyword id="22972597" type="General" weightage="20" keywordseo="USD-340-million" source="keywords">USD 340 million</keyword> in a follow-on financing round led by <keyword id="20231170" type="General" weightage="20" keywordseo="General-Catalyst" source="keywords" meta.keywordsubtype="org" meta.entityname="General Catalyst" meta.hostid="261" meta.entityid="General Catalyst">General Catalyst</keyword>, pushing the Mumbai-based startup's <keyword id="19896943" type="General" weightage="20" keywordseo="valuation" source="keywords">valuation</keyword> to $5 billion. This fresh infusion of capital comes shortly after Zepto raised $665 million in June 2024, which had then valued the company at $3.6 billion—almost triple its worth from the previous year. The latest round was spearheaded by General Catalyst, with new investors Dragon Fund and Epiq Capital also joining the fray. Existing backers, including <keyword id="22972598" type="General" weightage="20" keywordseo="StepStone" source="keywords" meta.keywordsubtype="org" meta.entityname="StepStone" meta.hostid="261" meta.entityid="StepStone">StepStone</keyword>, Lightspeed, DST, and Contrary, have further increased their investments in Zepto. <keyword id="20291499" type="General" weightage="20" keywordseo="Aadit-Palicha" source="keywords">Aadit Palicha</keyword>, Co-founder and CEO of Zepto, explained that the decision to pursue this follow-on financing was driven by two key factors. "First, we couldn’t miss the opportunity to bring <keyword id="21957857" type="General" weightage="20" keywordseo="Neeraj-Arora" source="keywords">Neeraj Arora</keyword> from General Catalyst on board as our lead investor. Second, strengthening our balance sheet is a strategic move as we continue to show strong growth and operational efficiency," Palicha said according to PTI. Zepto is rapidly expanding its network of dark stores, which currently stands at 370, according to a report in The Hindu. The company plans to increase this to approximately 700 stores by March 2025, thereby strengthening its presence across the top 20 cities in India. In June, Zepto reported crossing the $1 billion mark in annualized Gross Merchandise Value (GMV). Founded in 2021 by Stanford University dropouts Aadit Palicha and Kaivalya Vohra, Zepto has rapidly grown into a leading player in the quick commerce sector, drawing significant attention from investors and industry watchers alike.

Zepto secures USD 340 million in latest funding round, boosting valuation to USD 5 billion

<ul><li>Indian health startup cure.fit has raised $120 million in a series D round. </li><li>In May, Business Insider reported that cure.fit had raised $75 million in the first tranche of the round. </li><li>Cure.fit now plans to take up its centres from 180 to 800 in India and Dubai.</li></ul>Indian health and fitness startup cure.fit has raised $120 million in a Series D round of funding. In May 2019, a paper.vc <a href="https://www.businessinsider.in/curefit-raises-75-million-from-anand-piramal-accel-partners-and-others/articleshow/69215063.cms">report </a>said that the startup raised $75 million in the first tranche of the series D round. <keyword id="3465872" type="PERSON" weightage="20" keywordseo="curefit">Curefit</keyword> was founded in 2016 by Myntra co-founder <keyword id="705865" type="PERSON" weightage="20" keywordseo="Mukesh-Bansal">Mukesh Bansal</keyword> and former Flipkart Chief Business Officer Ankit Nagori. It has fitness centres under the Cultfit brand and a health app called Curefit. It also has diagnostic centres called Carefit and yoga and meditation centres called mindfit. "Leveraging deep tech and strong on-ground network, we aspire to service over 100 million consumers over the next 10 years," said Bansal. In three years, the startup registered 4 lakh users for curefit, with 180 centres across Bengaluru, Delhi NCR, Mumbai and Hyderabad. All these provide an annual revenue of $100 million. The company now plans to grow to 800 centres by 2020. The startup has also expanded its operations to Dubai. This recent round was led by Chiratae Ventures, Accel Partners, Kalaari Capital &amp; Oaktree Capital, while new investors like Epiq Capital, Unilever Ventures, Innoven Capital and Kotak Mahindra Bank too chipped in. Curefit’s <a href="https://www.livemint.com/companies/start-ups/curefit-raises-75-million-valuation-crosses-500-million-1557206291458.html">reported</a> valuation is pegged at $500 million, after the latest fundraising. Earlier, the startup also raised funding from Bollywood actor Hrithik Roshan, who is also the brand ambassador since 2017. Roshan had <a href="https://inc42.com/buzz/hrithik-roshan-pours-in-878-2k-in-fitness-startup-cure-fit/">reportedly </a>invested $14.63 million into the startup. See Also: <a href="https://www.businessinsider.in/curefit-raises-75-million-from-anand-piramal-accel-partners-and-others/articleshow/69215063.cms">Three-year old Curefit clocks in $100 mn in revenue and over $245 mn in total funding</a>

Cure.fit raises $120 million in a series D round of funding

Good morning! This is the tech news you need to know this Thursday. <a href="http://newsletter.businessinsider.com/join/4np/10-things-in-tech&amp;hash=8122c716833601fc1471f79af063b104b104">Sign up here</a> to get this email in your inbox every morning.<ol><li><a href="https://www.theverge.com/21444203/facebook-leaked-audio-zuckerberg-trump-pandemic-blm?scrolla=5eb6d68b7fedc32c19ef33b4">Months of internal audio recordings of Facebook meetings obtained by The Verge show CEO Mark Zuckerberg and COO Sheryl Sandberg wrestling with questions of platform neutrality</a>. The recordings show employees expressing dissatisfaction over the firm's handling of the Black Lives Matters protests, provocative posts by President Trump, and office snacks. </li><li><a href="https://www.businessinsider.com/facebook-sued-by-kenosha-protesters-injured-by-right-wing-militia-2020-9">Kenosha protesters who say they were assaulted by right wing militias are suing Facebook for hosting a 'Kenosha Guard' page.</a> The plaintiffs claim that Facebook enabled the violence by hosting a "Kenosha Guard" page that encouraged militia members in Wisconsin to take up arms against protesters.</li><li><a href="https://www.businessinsider.com/bytedance-seeks-china-government-approval-tiktok-technology-export-us-deal-2020-9?r=US&amp;IR=TIR=T">TikTok parent ByteDance has asked the Chinese government for approval to export technology, Bloomberg reported Tuesday</a>. ByteDance filed a request with the Beijing Municipal Commerce Bureau asking for approval to export its technology under restrictions recently implemented by the Chinese government, according to <a href="https://www.bloomberg.com/news/articles/2020-09-24/bytedance-files-for-china-approval-to-export-tiktok-technology?utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;utm_content=business&amp;cmpid=socialflow-twitter-businesstwitter-business">Bloomberg</a>.</li><li><a href="https://www.businessinsider.com/satya-nadella-tiktok-oracle-deal-unrecognizable-from-microsoft-bid-2020-9">Microsoft CEO Satya Nadella said the TikTok-Oracle deal is unrecognizable from the one Microsoft bid on</a>. Microsoft lost out on a bid for TikTok's US operations to a joint bid by Oracle and Walmart.</li><li><a href="https://www.businessinsider.com/tiktok-injunction-trump-ban-requests-delay-expedited-hearing-lawsuit-2020-9">TikTok has asked a federal judge to file an injunction halting Donald Trump's ban</a>. TikTok is facing down the deadlines set by Donald Trump's executive orders to implement a partial app ban on Sunday and a total ban on November 12.</li><li><a href="https://www.cnbc.com/2020/09/23/doj-unveilstrump-administrations-legislation-to-reform-techs-legal-liability-shield.html">The US Department of Justice has proposed new legislation to reform a key legal liability shield for the tech industry known as Section 230</a>. The current legislation, part of the Communications Decency Act, protects online platforms from liability for their users' posts, but it also allows them to moderate and remove harmful content without being penalized.</li><li><a href="https://www.bloomberg.com/news/articles/2020-09-22/shopify-says-rogue-employees-stole-data-from-merchants">E-commerce site Shopify said two employees stole data from more than 100 merchants, citing 'rogue members' of its support team</a>. The scheme potentially exposed the personal information of consumers who shopped on web stores that use the company's e-commerce software, per Bloomberg. </li><li><a href="https://www.businessinsider.com/facebook-blocks-climate-justice-groups-amid-misinformation-crackdown-2020-9">Facebook pledged to fight misinformation about climate change but then suspended a slew of environmentalist groups</a>. Groups that focus on climate justice including Greenpeace USA, Climate Hawks Vote, and Rainforest Action Network said they were suspended without warning.</li><li><a href="https://www.businessinsider.com/google-planning-for-a-more-flexible-working-future-says-ceo-2020-9?r=US&amp;IR=TIR=T">Google CEO Sundar Pichai says the company is planning a more flexible approach to working, with employees set to work from home through the summer of 2021 at least</a>. In an interview with Time Magazine, the Google chief said that the company "can do better" for its employees, and said it was thinking of a "hybrid" model of working.</li><li><a href="https://www.businessinsider.com/spoton-payments-startup-raises-dst-global-without-pitch-deck-2020-9">Payments startup SpotOn Transact raised its second 2020 funding round, $60 million from DST Global, without a pitch deck</a>. The company's prior investors include former Twitter executives, Dragoneer Investment Group, Franklin Templeton, and EPIQ Capital Group. </li></ol>Have an Amazon Alexa device? Now you can hear <keyword id="9070519" type="UNKNOWN" weightage="60" keywordseo="10-things-in-tech">10 Things in Tech</keyword> each morning. Just search for "Business Insider" in your Alexa's flash briefing settings.

10 things in tech you need to know today

SpotOnRJ Horsley, President, and Zach Hyman, Matt Hyman, Doron Friedman, Cofounders of SpotOn<ul class="summary-list"><li>San Francisco-based SpotOn Transact just raised $50 million from former Twitter executives Dick Costolo, former COO Adam Bain, and former corporate development and investor relations executive David Rivinus. </li><li>The funding was led by the social media giant's former executives' investment and advisory firm 01 Advisors and will go towards helping SpotOn target "exponential growth."</li><li>The startup, which has more than 800 staff, provides payments and software services to small- and medium-sized businesses.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>San Francisco-based SpotOn Transact has raised $50 million from former Twitter executives including former CEO Dick Costolo, former COO Adam Bain, and David Rivinus through their investment and advisory firm 01 Advisors. The company's funding round also included former investors such as Dragoneer Investment Group, Franklin Templeton and EPIQ Capital Group. SpotOn, which provides payments and software services for small-to-medium businesses in the US, claims to have grown revenues by 150% in 2019 and has had a strong start to 2020."We had an incredible 2019 and a great start to 2020, linear growth is interesting but we are going for exponential growth," SpotOn president RJ Horsley told Business Insider in an interview. "We couldn't be more excited by the team we have on board as investors, these guys were fundamental at Twitter during its scale period, and our prior investors are very sharp too."Founded by twin brothers Zach and Matt Hyman, serial entrepreneurs with 20 years of experience in the payments space from previous companies, and Doron Friedman in 2010, SpotOn has around 850 employees. The company plans to use its funding to continue to supporting medium-sized businesses, which it claims are poorly served by payments companies. "We want to put ourselves in the shoes of our customers, these are real businesses that might have been around for a generation and don't have a 20 person team to do marketing, sales, review management, and emails," Horsley added. "Payments is a commodity and people need innovative tools to help them run their business."Much of SpotOn's focus has been on the food and drink industry but the firm hopes the new funding can be used to expand into new verticals.SpotOn is headquartered in San Francisco with product, technology and operations teams in Chicago, Detroit and Denver, as well as newly opened offices in Mexico and Poland.Check out SpotOn's (redacted) pitch deck below:

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Park+ raises ₹140 crore for biz expansion to over 100 cities, hire 200 people

PTI

Zepto secures USD 340 million in latest funding round, boosting valuation to USD 5 billion

BI India Bureau

Cure.fit raises $120 million in a series D round of funding

Sanchita Dash

10 things in tech you need to know today

Callum Burroughs

Here's the pitch deck used by payments company SpotOn Transact to raise $50 million from former Twitter executives

Callum Burroughs,Callum Burro…

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